The latest economic events in the U.K. haven’t been enough to push GBP/USD in a clearer direction, as most of the releases have failed to impress. The BOE (Bank of England) monetary policy meeting minutes were just released and although it showed a unanimous vote in keeping policy unchanged, it also showed that policymakers had mixed views when it comes to economic recovery. For one, many expressed concern about the weak inflation in the country. This could prevent the BOE from tightening monetary policy, especially since the annual CPI figure is far below the central bank’s 2% target. Hiking interest rates too early might wind up pushing price levels lower, which could spur concerns about stagflation once more. Update: See how to trade the UK GDP with GBP/USD. Aside from that, policymakers also expressed concern about the jobs situation. Even though the recent jobless rate is moving closer to the BOE’s target for considering rate hikes, many mentioned that this was just mostly a result of a rise in self-employment and that there’s still considerable slack in the labor sector. The retail sales report came in stronger than expected and posted a 0.1% gain instead of the estimated loss. However, the previous month’s figure was revised lower, indicating that consumer spending is still facing challenges. With that, GBP/USD is still stuck around its current highs at the 1.6800 to 1.6825 levels, waiting for a clearer direction from fundamentals. The upcoming US data releases could be more crucial in pushing for a breakout. In particular, the GDP release and FOMC statement might be big movers among dollar pairs, including Cable. Weak growth figures might remind traders that the US economy is still facing plenty of headwinds and this might be confirmed by the FOMC rate decision. This one is expected to be a little more cautious compared to their previous statement. Also due in the coming days is the non-farm payrolls report, which is also a key report when it comes to setting dollar direction in the longer run. Recall that the previous release was weaker than expected and undermined dollar strength. If this is followed by another weak reading for April, the dollar might continue to lose ground. Bear in mind though that the safe-haven dollar is currently being supported by risk aversion, as traders are closely watching the ongoing tension in Russia. Worsening conflict could be bearish for riskier and higher-yielding currencies, much to the benefit of lower-yielding ones like the yen and dollar. For more, see the Pound/dollar prediction Aayush Jindal Aayush Jindal Aayush Jindal I have spent over six years as a financial markets contributor and observer, and possess strong technical analytical skills. I am a software engineer by profession, loves blogging and observing financial markets. View All Post By Aayush Jindal Forex Bits share Read Next Will US employment data show that recovery is on track? Guest 8 years The latest economic events in the U.K. haven't been enough to push GBP/USD in a clearer direction, as most of the releases have failed to impress. The BOE (Bank of England) monetary policy meeting minutes were just released and although it showed a unanimous vote in keeping policy unchanged, it also showed that policymakers had mixed views when it comes to economic recovery. For one, many expressed concern about the weak inflation in the country. This could prevent the BOE from tightening monetary policy, especially since the annual CPI figure is far below the central bank's 2% target. Hiking interest… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.